RAA 2008 Catastrophe Loss Development Study Available
The Reinsurance Association of America (RAA) has just published its 2008 Catastrophe Loss Development Study, a unique excess of loss study that provides an unparalleled look at aggregated reinsurer loss development from extreme events on both a paid and incurred basis. Leading U.S. reinsurers contribute paid, reported, and IBNR data to this study which analyzes losses by type of reinsurance, including facultative, treaty, pro rata, treaty risk excess, treaty catastrophe excess and finite/financial/aggregate stop loss.
Published bi-annually since 2002, the 2008 study updates the loss development experience for significant extreme events and catastrophes in the U.S. over a sixteen-year period, from Hurricane Hugo and the Loma Prieta Earthquake in 1989 to Hurricanes Katrina, Rita and Wilma in 2005. The World Trade Center event is included and broken out by line of business, including property, aviation, liability, workers' compensation, and incidental life. An electronic file containing quarterly loss development factors for these events is also provided to purchasers of the study. And new to the 2008 study is a comparison of the individual 2004/2005 hurricanes to their composite pattern.